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1、2022年 ACCA/CAT历 模 拟 考 试 题 姓 名:年 级:学 号:题 型 选 择 题 填 空 题 解 答 题 判 断 题 计 算 题 附 加 题 总 分 得 分 评 卷 人 得 分 1 x 4(a)Exp lain the mean i ng of the term working capital cycle for a trad i ng company.(4 marks)正 确 答 案：(a)The work i ng cap i ta I eye Ie i I I ustrates the changi ng make-up of work i ng cap ital i n
2、the courseof the trading operations of abus i ness:O1 Purchases are made on cred it and the goods go i nto i nventory.U 2 Inventory is sold and converted into receivabIes 3 Cred i t customers pay the i r accounts4 Cash i s used to pay supp I i ers.2、(c)Briefly descr i be three advantages to Bailey s
3、 of counseI Ii ng.(3 marks)正 确 答 案：(c)For Bai ley5 s the advantages of counseI I ing as a means of understanding and addressingthe prob Iems are that i t prov ides a conf ident ia I service to the empIoyee to d i scuss prob Iems awayfrom and not invoIving management or supervision.There is no obviou
4、s human resources pol icy atBailey s and counseI Ii ng prov i des an opportunity to deveI op an appropr i ate policy fromunderstanding individuaI problems.This i n turn wi I I demonstrate organ i sat i onaI comm i tment to the empIoyees that has been I ack i ngin the past at Bai ley,s and begin the
5、process of better performance and increase in commitment.At another I eve I,counseI I i ng can provide a link to other externa I agenc i es to ass i st withpersona I prob Iems that may be deemed too spec i f i c for resoIut i on within Bailey s.3、(c)Without changing the advice you have given in(b),o
6、r varying the terms of Luke,s will,explain how Mabelcould further reduce her eventuaI inher itance tax liability and quant ify the tax saving thatcould be made.(3 marks)The i ncrease in the retai I pr ices i ndex from Apr iI 1984 to Apr i I 1998 is 84%.You should assume that the rates and allowances
7、 for the tax year 2005/06 wi I I continue toapply for theforeseeable future.正 确 答 案：(c)Further adv i ceOMabeI shouId cons i der de I ay i ng one of the gifts unt i I after 1 May 2007 such that it i s mademore than seven years after thegift to the discretionary trust.Both PETs wouId then be covered b
8、y the ni I rate band resu11ingi n a sav i ng of i nher i tance taxof 6,720(from(b).Mabe I shouId ensure that she uses her i nher itance tax annua I exempt i on of 3,000 every yearby,say,making gifts of 1,500each year to both Bruce and Padma.The effect of thi s wi I I be to save i nher i tance tax of
9、 1,200(3,000 x 40%)every year.4、(b)Explain in the context of Flavours Fine Foods,what is meant by:(i)responsibiIity;(4 marks)正 确 答 案：(b)(i)RESPONSIBILITY is the I iabi I i ty of a person to be called to account for the i r act i onsand results,and i s therefore an ob I i gat ion to take some action
10、to discharge that responsibi I i ty.Uni ike author ity,responsibi Iity cannot be delegated.There is however some discussion on theextent to wh i ch th i s statement i s true:the i dea that respons i b i I ity cannot be de I egated i s toos imp I i st i c.Any task conta i ns an eIement of respons i b
11、 i I ity.It is the i dea of accountabi I ity andthe d i rect i on of respons i b i I ity that i s the re Ievant concept and i s the prob Iem at Flavours FineFoods;ultimate responsibi I ity res i des with the owners.It i s seIf ev i dent that it i s imposs i bIeto exerc i se author ity without respon
12、sibi I ity because th i s could Iead to prob Iems of controI andtherefore undesi rabIe outcomes for the organi sat ion.However,the super ior(the owner)i s alwaysu11 imateIy respons i bIe for the act ions of h i s or her subord i nates.The key eIement here i s therecognit ion of di scret ion by vi rt
13、ue of the person s position.Thi s under I ines the doctr ine ofabsoIute respons i b i Iity;the super ior i s always ultimate Iy accountabIe.5、(i i i)A statement on the importance of conf ident i a Iity i n the f i nanc ing of the ear Iy stageworking capita I needsand an exp I anat i on of how th i s
14、 conf I i cts with the duty of transparency i n matters of corporategovernance.(6 marks)Profess ionaI marks for Iayout,logical fIow and persuas iveness of the statement.(4 marks)正 确 答 案：(i i i)Importance of confidential ity i n the f i nanc i ng of the project and the norma I duty oftransparency.11
15、have been asked to include a statement i n my remarks on the ba Iance between our duty to betransparent whenever(possible and the need for discretion and confidentiality in some situations.In the case ofour initial working capital needsIfor the Giant Dam Project,the importance of confidential ity in
16、 financing i s due to the potentialfor adverse pub I icity thatmay ar i se fo r the I ender.11 i s i mportant th a t R M have the p ro je ct adequate I y f i nanced,espec i a I I yi n the ear Iy stages be fo re the i nter im payments from the c Ii ent become f u lly e ffe c t i ve.In genera I,o f co
17、urse,we at R M attempt to observe the h i ghest standards of corporate governanceand th i s i nvoIves adopting a defau1 1 p o sitio n of transparency rather than concealment wherever possibIe.W erecogn i se th a t transparency i s important to underpin investor conf idence and to provide investors w
18、 ith the inform ation theyneed to make fund a I I ocat i on dec i s i ons.Whi 1st i t i s norma I to d isci ose the amount of debt we carry at any given point(on the ba I ancesheet),i t i s ra re ly norma I:Ipractice to disclose the exact sources of those Ioans.In the case of the financing of in it
19、ia lworking ca pita l fo r the GiantID am Pro je ct,I m sure you w ill real ise th a t in th is unique s itu a tio n,disclosure of the I ender,s id e n tity could threaten the:Iprogress of the project.For th is reason we must re s is t any attempts to release th is into thepub Ii c doma i n.W e are
20、aware.lof one pressure group th a t is a c tiv e Iy seeking to discover th is inform ation in order to d isru ptthe p ro je c t,s progress andwe sha I I be tak i ng a I I i nterna I measures necessary to ensure they do not obta i n the i nformat i on.Thank you fo r I i sten i ng.6、(b)G a I cu I ate
21、the i nterna I rate of return of the proposed i nvestment and comment on your f i nd i ngs.(5 marks)正 确 答 案：(b)Calculation of IRR of*F1ngoF investment projectYear 1 2 3 4000 000 000 000Net cash flow 613 187 127 85Discount at 20%0-833 0-694 0-579 0-482Present values 510-6 129-8 73 5 4 1 0000Present v
22、alue of future benefits 754-9Initial investment 800 0Net present value(4 5 1)Internal rate of return=10+(20-10)x 6 52)/(65 2+45-1)=16%Since the internal rate of return is greater than the discount rate used to appraise new investments,the proposed investmentis financially acceptable.7、4 Graham Smith
23、 i s Operat ions Di rector of Cater i ng Food Services(CFS)a 1-5 bi I I ion U K basedd is trib u to r of foods toprofessional cater ing organisations.I t has 30 tra ding u n its spread across the country fromwh i ch i t can suppIy acomp Iete range of fresh,chilled and frozen food products.Its custom
24、ers range from ma jorfast food cha i ns,cater i ngserv i ces for the armed forces down to i nd i v i duaI restaurants and cafes.Who IesaIe foodd i str ibut ion i s very much apr i ce dr i ven serv i ce,i n wh i ch i t i s very difficult to differentiate CFS s serv i ce from i tscompetitors.Graham is
25、 very aware of the Government5 s growing interest in promoting good corporateenv i ronmentaI pract i ces andencouraging companies to achieve the international qua I ity standard for envi ronmentaIlyrespons i bIe operat i ons.CFSoperates a fIeet of 1,000 lorr i es and each lorry produces the equ i va
26、I ent of its own we i ghti n pollutants over the courseof a year without the instalI at ion of expensive pollution control systems.Graham is a I soaware that his largercustomers are Iook i ng to thei r distributors to become more envi ronmentaIly responsible andthe greening of thei rsupp I y cha in
27、is becom i ng a rea I i ssue.Unfortunate ly his concern w i th deve I op i ng a company-w ideenv i ronmentaImanagement strategy i s not shared by h i s fel low managers respons ib Ie for the key d i str ibut i onfunctions includingpurchasing,logistics,warehousing and transportation.They argued that
28、time spent oncorporate responsibi Iity issueswas time wasted and simply added to costs.Graham has dec i ded to propose the appointment of a pro ject manager to deveI op and i mpIementa companyenv i ronmentaI strategy including the ach i evement of the i nternat i onaI qua Ii ty standard.Theperson ap
29、pointed musthave the necessary project management skills to see the project through to successfuIcone I us i on.You have been appointed project manager for CFS s Jenvi ronmentaI Iy aware5 project.Requ i red:(a)What are the key project management skills that are necessary in achieving company-widecom
30、mi tment i nCFS to ach i eve the des i red env i ronmentaI strategy?(15 marks)正 确 答 案：(a)Simply defined,a project is activity that has a start,a middle and an end and consumesresources5-it is therefore a discrete(activity aimed at achieving a specific objective or range of objectives.Graham is inten
31、t onusing the lenvi ronmentaIly aware1(project to achieve a specific objective-the atta i nment of the international envi ronmentaIstandard.He is,however,awarethat there are a number of internaI stakehoIders inside the company who question the signif icanceof such a project.ExternaI Iy,he can point
32、to significant stakeholders,including customers and government whoare Iook i ng for CFS to becomemore envi ronmentaI Iy aware.The project i s I i keIy to have strategic and not simply operat i onaIor administrative significanceand the person appointed into the roIe of project manager,ideally,shouId
33、have both thetraditionaI skills associated with:Iproject management pI us those of strategic management.Grundy and Brown Ii st the traditionalproject managementtechn i ques as:defining the projecUs)defining the project scope and interdependenciestargeting the ddivefables or results o(the projectiden
34、tifying tfie key activities or sub-ptojecisplanning and managing timescalesmobilising resourcesMore strategic parts of the project management process will include：problem diagnosisoption generation-not only what to do but how to do i t.og acquisitionsmanaging stakeholderscreating a strategic visioci
35、 for the project identifying 何 implementation difficultiesClearly,the project manager must have the technicaI project management skills,being able tomanage the project through i tsOIife cycle,which invoIves defining the project in terms of project objectives and scope asdef i ned by time,cost and qu
36、a I ity.口 Planning the project in terms of breaking the overaI I project down into separate activities,est imat i ng the resources requ i red and I inking activities to resources i n terms of time and pr i or it i es.Imp Iement i ng the plan,including reviewing the progress i nmeeting time and cost
37、objectives and taking corrective action where and when necessary.Final ly,rev i ewi ng the outcomes ofthe project i n terms of what was de Ii vered to the customer and the extent to wh i ch cIi entexpectat i ons were met.The strategic nature of the project means that the project manager must have si
38、gnificantIeadersh i p skills,not on Iy of theproject team,who are Ii keIy to come from d ifferent funct ions and parts of the company,buta I so i nfIuent i a I stakeholders insideland outside the company.This imp Iies they should have good political and commun i cat i onskills as the project is of s
39、trategic:(significance to the company.The abi I ity to show how th i s particular project fits with the overa I Istrategy of the fi rm i s important.The project is an important part in the achievement of the company strategy and inCFS s case may help it differentiate itseIf from its competitors.Howe
40、ver,the project manager must recognise thatthere wi I I be res i stance from ex i st i ngmanagers re I uctant to see resources committed to projects outside of the traditional va I ue cha i nof the company.Certa inly,Othe project manager for the lenvi ronmenta I Iy aware project wi I I themse I ves
41、need to be awareof the externa I env i ronmentaIpressures prompt i ng the f i rm to set itself specific env i ronmentaI ob ject i ves and be abIe toI ink into supportive networks andla I I iances.Final ly,Grundy and Brown argue that the project manager wi I I be the key to reviewingand I earn i ng f
42、rom the project,assess i ng whether defined object i ves were ach i eved,the effect i veness or otherwi se of theimplementation process and howIkey stakeholders were managed.The danger is that projects are seen as one-off rather thancontributing to the knowledgeland learning of the organisation.Ther
43、e may be a significant 4 learning curve that the fi rmhas to go down and look tocontinuousIy improve its project management process.8、(b)CaIcuI ate Alvaro Pelorus s capita I ga i ns tax liability for the tax year 2006/07 on theassumpt i on that a I Iavai I able re I iefs are cI aimed.(8 marks)正 确 答
44、案：Tutorial noteThe capital gains tax due in respect of the disposal of the Sares in Pinger Ud will re computed foUowing the death ofRay Peloruz in order to take account of the relief availabie in respect of the inheritance tax payable on the gift of the shareson 1 Acgcst 2005.(b)Alvaro Pelocus-Capit
45、al gains tax(CGT)liability fo(2006/07Shares in Pinger LW(W I)199,257(No taper relief as held for less than one year)Shares in Lapis Inc(W4)Shares in Quad plc(W5)Less：Annual exemption(8.800)Taxable gains 190,457Capital gains tax at 40%76,183Workings(1)Shares in Pinger LtdProceeds 228,000Less：Cost(W2)
46、(24.343)IHT payable by Alvaro on the PET(4.400)199,257(2)Cost of shares in Pinger LtdMarker value as at 1 August 2005Less：Gift relief on gift by Ray(W3)Alvaros base cost in the shares183,000(158,657)24,343 Gift relief on gift by Ray to AJvaror rMarket value as at 1 August 2005 183,000Less；Cost 54,60
47、0Indexation to April 1998162 6-156-3/156-3 x 54,600 2,20156,80156.801 x 6.00QH4.000(24,343)Gift relief claimed 158,657(4)Shares in Lapis IncrProceeds 8.270Less：Cost(25,950 x 2,350/5.500)(11,088)Loss(2.818)The loss is not available for relief because Alvaro is domiciled outside the UK and the shares
48、are foreign assets.(5)Shares in Quad pk:Deemed proceeds 74,000Less：Cos：(59,500)14,500L s：Gift relief(14,500)Tutorial noteGift reiief/s availablQ on the transfer of any to a discretionary trust because the transfer rs subject to an immediate口 c/)a/ge to inberitance tax.9、(b)Router has a number of fi
49、Im studios and office buiIdings.The office bui Idings are inprestigious areas whereasthe film studios are Iocated in out of town locations.The management of Router wish toappIy the revaluationmode 15 to the office bui I d i ngs and the cost mode 15 to the f i Im stud i os i n the year ended31 May 20
50、07.At presentboth types of bui I d i ngs are va I ued us i ng the revaluation mode IJ.One of the f i Im stud i oshas been converted to atheme park.In this case only,the I and and bui Idings on the park are leased on a single leasefrom a th i rd party.The I ease term was 30 years i n 1990.The I ease